Oversight Systems Explained

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Oversight Systems is a U.S.-based company that develops and markets computer software that is intended to help businesses identify employee and vendor fraud, misuse and errors with expense reporting and billing.[1] The software also helps public companies with the monitoring and testing of controls associated with Sarbanes-Oxley Act and the Foreign Corrupt Practices Act (FCPA) compliance.[2] It was founded in 2003 in the US state of Georgia and in its early days was based at the Advanced Technology Development Center[1] business incubator in Atlanta. As of 2024 its headquarters remain in Atlanta.[3]

Oversight Systems' software is intended to detect payments to suspicious vendors and alert authorities when insufficient people are involved in complicated business processes.[4] If a transaction or associated entity is in violation of a given policy, a report is generated and the workflow system transmits the report via e-mail, the user interface and periodic reports.[5]

Oversight's claimed target customers are companies taking in US$600 million or more in yearly revenue.[6]

In 2016 Oversight received funding from the venture capital firm Luminate Capital Partners.[7] On September 2, 2020 Oversight was acquired by TCV, with Luminate Capital Partners retaining a minority equity partnership.[8]

Notes and References

  1. News: Monitoring firm raises $7 million . Rubner . Justin . . 9 September 2004 . https://web.archive.org/web/20110805102320/https://www.bizjournals.com/atlanta/stories/2004/09/13/story7.html . 5 August 2011 . 26 October 2024.
  2. Ten Questions for Oversight Systems: As told to Forbes by Patrick Taylor, founder of Oversight Systems . Forbes staff . . 16 September 2009 . 19 June 2013 . 26 October 2024.
  3. Web site: We’d love to hear from you. Contact Information . Oversight . 26 October 2024.
  4. Web site: Patrick Taylor, CEO of Oversight Systems, on Business Transactions Analytics and SAP HANA . 13 May 2012 . Goldberg . Michael . Data Informed . https://web.archive.org/web/20130527130705/http://data-informed.com/patrick-taylor-ceo-of-oversight-systems-on-business-transactions-analytics-and-sap-hana/ . 27 May 2013 . 26 October 2024.
  5. Web site: Oversight Systems: automated transaction monitoring for FCPA compliance risk . . 12 February 2016 . https://web.archive.org/web/20161117073100/https://www.complianceweek.com/blogs/grc-announcements/oversight-systems-automated-transaction-monitoring-for-fcpa-compliance-risk . 17 November 2016 . 26 October 2024.
  6. Web site: ACL vs Oversight Systems . itcentralstation . https://web.archive.org/web/20161025235628/https://www.itcentralstation.com/vendors/comparison/acl_vs_oversight-systems . 25 October 2016 . 26 October 2024.
  7. Luminate Capital Partners Invests in Oversight Systems to Drive Global Growth Strategy . Oversight . 12 July 2016 . 26 October 2024.
  8. TCV Makes Strategic Growth Investment in Global Spend Management Leader Oversight . . 2 September 2020 . . https://web.archive.org/web/20201009135405/https://www.bloomberg.com/press-releases/2020-09-02/tcv-makes-strategic-growth-investment-in-global-spend-management-leader-oversight . 9 October 2020.

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